WINDHOEK - The National Petroleum Corporation of Namibia (Namcor) has terminated the contract of its Managing Director, Immanuel Mulunga, effective immediately, following findings of misconduct related to unauthorized asset acquisitions.

According to Namibia Press Agency, the decision was made after "extensive deliberations" during a board meeting where the nature and extent of Mulunga's misconduct, which first led to his suspension in April of the previous year, were reviewed. The board described the misconduct as severe and determined it necessitated Mulunga’s immediate dismissal. "The board considers the misconduct by the managing director to be of a serious nature, warranting this decisive action," the statement detailed.

Namcor has assured that further updates will be issued to keep stakeholders informed and emphasized the board's commitment to ensuring a smooth leadership transition while maintaining high standards of governance and ethics.